XRP has maintained notable performance in the past few days, holding a position above the $2.2 price mark. However, with renewed bullish sentiment in the broader crypto market gradually losing steam, the altcoin has witnessed a slight pullback, drawing closer to $2. Despite this sudden price fluctuation, optimism still lingers in the market as investors have acquired more tokens.
Small XRP Holders Have Climbed Sharply
Fading bullish momentum across the sector has hindered XRP’s renewed upward action. As the crypto market undergoes fluctuations, Henry, a crypto expert and educator, has outlined a strong positive sentiment among key investors.
Henry, examining data from Glassnode, a leading financial and on-chain data platform, revealed that smaller holders have risen sharply in the midst of market changes. Specifically, this strong conviction is observed among wallet addresses holding at least 10,000 coins.
This accumulation from these investors suggests a strategic accumulation as they position themselves for anticipated price spikes. With XRP’s price hovering near key resistance levels, such a development is likely to reignite the renewed uptrend. However, the growing number of whales may indicate a growing long-term belief in the altcoin’s future chapter, or it may be a hint of increased volatility.
On-chain data shows that the number of wallet addresses with 10,000+ XRP has recently surpassed 300,000. According to Henry’s report, this behavior is a clear indication of small holders’ increasing stockpiling and confidence in the altcoin. Henry highlighted that when small investors accumulate, they might be setting themselves up for short-term price gains, possibly expecting major moves and impending triggers in the ecosystem.
Investors’ robust conviction and confidence in the altcoin are also observed in the largest crypto exchange, Binance. Since upside momentum gained traction, a substantial number of traders on the Binance exchange have been demonstrating strong engagement.
Seasoned technical expert and investor Ali Martinez reported a shift in investors’ mood after delving into the platform’s Long/Short Ratio metric. Martinez noted that about 71.54% of traders on Binance Futures with open XRP positions are leaning toward a bullish future.
A Massive Accumulation In The Past Month
In another post on the X (formerly Twitter) platform, the expert revealed notable buying pressure among whale wallets containing between 10,000,000 and 100,000,000 XRP during recent upside movements. These high-value wallets, which are frequently associated with organizations or experienced investors, have been covertly amassing huge amounts of the tokens.
On-chain data shows that the large investors accumulated around 900 million coins over the past month, indicating growing confidence in long-term prospects. With smart money moving in and prices sustaining above crucial support levels, the altcoin could be set for a rebound in the short term.
